Americans spent less in March

April 14, 2008

 

 

As reported in Bloomberg.com

 

April 14 (Bloomberg) — Americans spent less on furniture, clothing and appliances in March as the economy faltered and more of their money went to pay for gasoline and food.

 

Consumer spending, which accounts for more than two-thirds of the economy, is waning as households struggle with an 11 percent jump in gas prices this year to $3.37 a gallon, a rising jobless rate and a slump in home values. Investors anticipate that the Federal Reserve will cut its benchmark interest rate at least a quarter point this month to alleviate the economic downturn.

 

Sen. John McCain (R-Ariz.) said Monday that he believes the country is in a recession, adding “these are very, very tough times in America.”

 

“Americans are hurting today,” McCain said at an Associated Press forum in Washington, D.C. “They’re hurting in the towns and cities across America.

Our Perspective:

At least we find that we are now leaving the state of denial. Politicians have been reluctant to say the R word. They were constantly talking about taking certain preventive steps.

Probably Too little …Too late!

What can we do?

If you own a business it would be prudent to look at the cost of your operation. I recently met with the Executive Director of a local non-profit. They have been hit hard with budget cuts that compound the problem of meeting rising cost.

There are opportunities to provide savings but there is no silver bullet. Companies are looking at a wide range of cost: Employee Benefits, Business Insurance, Energy and Telecom to name a few.

Our clients are being proactive and reviewing their cost.

To pay less does not equate to getting less.

Many times we find our clients are just paying too much!

It’s your call?

Do you have a question?

 

Let us know your thoughts?

 

You may email george@hbsadvantage.com

 

Hutchinson Business Solutions ……Your CFO on the Go.

 

Creating Opportunities Today,…Defining Savings for Tomorrow.Visit http://www.hutchinsonbusinesssolutions.com/ to learn more about saving opportunities available for your company.

 

 

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